Taxes
Tax that comes out of your paycheck
Income tax
FIRST
Savings that you commit not to withdraw for a set period of time
A convenient form of borrowing with a revolving line of credit
Credit Cards
To be considered for any federal aid or state or institutional need-based aid, you MUST complete this form.
FASFA (Free Application for Student Aid)
FICA taxes pay for these two federal programs.
Social Security and Medicare
Term for the percentage you earn on your savings
Interest rate
Investment option where you buy a small part ownership in the company
Buying stocks
When you don't pay the credit card balance in full each month you pay ______.
Interest
You pay part of the cost (e.g. $40 per doctor’s visit or $10 per prescription) and insurance pays the rest
co-pay
State with the highest income tax.
California
A stash of cash to cover the financial surprises life throws your way.
Emergency fund (3-6 months of expenses)
Two common types of retirement accounts.
IRA and 401(K)
The amount you still owe after you have made your most recent payment
Outstanding balance
Sustained upward movement of prices for goods and services in and economy
Inflation
Term for enjoying a good but not paying for it because no one can make you pay.
Free riding
Bank fee for using more than you have in your account.
Insufficient funds fee (Overdraft Fee)
Term for holding a mix of assets with different risk/return profiles.Can reduce risk and still maintain a higher possible return.
Diversification
As a _______, you open an account and an adult signs on with you; as an ________ ____, you are added to someone’s existing account
co-signer, authorized user
The largest cost factor when owning a new vehicle is _______.
Depreciation
If you have had tax withheld that you don't owe you could get a _______.
Tax refund
The 50/30/20 rules says you should spend your paycheck on 50%:______, 30%:______, and 20%:_____.
Needs, wants, savings
Percentage of pros investing in large companies in the last 20 years that "beat the market".
6%
Possible consequences of a late credit card payment
Charged a fee and/or APR increase
Five common types of insurance
Auto, Health, Homeowners, Renters, Life